Softbank Group Corp. · TSE:9984
Softbank — Q3 FY2025 Earnings Presentation
26 slides from Softbank's earnings presentation, February 2026
Slide 1: Investor Briefing: SoftBank Vision & LatAm Funds
QUARTER ENDED DECEMBER 31, 2025 Investor Briefing SoftBank Vision & LatAm Funds NAVNEET GOVIL Executive Managing Partner & CFO, SB Investment Advisers & SB Global Advisers
Slide 2: Important Information (1 of 2)
Important Information (1 of 2) This presentation (this “Presentation”) is furnished to you for informational purposes in connection with the interests of SoftBank Group Corp. (together with its affiliates, “SoftBank”) in SoftBank Vision Fund L.P. (together with, as the context may require, any paral
Slide 3: Important Information (2 of 2)
Important Information (2 of 2) Vision Fund 1 performance herein is based on unrealized valuations of portfolio investments. Valuations of unrealized investments are based on assumptions and factors (including, for example, as of the date of the valuation, average multiples of comparable companies, a
Slide 4: Key Market & Economic Indicators
PERFORMANCE UPDATE Key Market & Economic Indicators As of December 31, 2025 2025 YEAR IN REVIEW EQUITY MARKETS END THE YEAR NEAR RECORD HIGHS Key Developments Key Indices Performance5 | January 1, 2025 – December 31, 2025 Global economy resilient despite elevated volatility, with Nasdaq Composite MS
Slide 5: $27B+ in Fair Value Gains in CY2025
SVF1 SVF2 LATAM PORTFOLIO UPDATE $27B+ in Fair Value Gains in CY2025 Twelve-Months Ending December 31, 2025 QUARTERLY GROSS FAIR VALUE PERFORMANCE1 +$2.4B +$19.0B $27.6B Total Fair Value Gains - CY2025 $7.3B Total Fair Value Gains – Vision Fund 1 +$4.8B $20.3B Total Fair Value Gains – +$1.3B Vision
Slide 6: Quarterly Performance
SVF1 SVF2 LATAM PORTFOLIO UPDATE $(4.1B) +$6.5B $(0.1B) SVF1 SVF2 LATAM PRIVATE $(0.4B) +$5.8B $(0.1B) Quarterly PUBLIC $(3.7B) +$0.7B $(0.1B) Performance Private investment losses – Private investment gains Private investments impacted by a public driven by uplift in OpenAI, largely flat this quart
Slide 7: Performance Snapshot
SVF1 SVF2 LATAM PORTFOLIO UPDATE SoftBank SoftBank SoftBank Vision Fund 1 Vision Fund 2 LatAm Funds Combined4 Total LP Commitments $98.6B $101.8B $7.8B $208.2B Effective Feb. 2026 Acquisition Cost1 $87.8B $96.2B $7.6B $191.6B Performance Snapshot Cumulative Gross Investment Gains/(Losses)1 $31.1B $(
Slide 8: Private Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE Private Investments Overview As of December 31, 2025 KEY METRICS & FAIR VALUE DRIVERS 378 $115.3B 82% +$5.4B Current Private Investments1 Unrealized FV – Private2 Of Total Unrealized FV3 Quarterly FV Change4 ROBO HOLDINGS Upcoming strategic Strong performance – Wee
Slide 9: OpenAI: Scaling Our Position as Growth Accelerates
SVF2 PERFORMANCE UPDATE OpenAI: Scaling Our Position as Growth Accelerates As of December 31, 2025 Unrealized Cost1 Unrealized Fair Value1 CY25 FV Gain2 Recent Employee Tender Valuation $36.4B $54.4B +$18.0B $500B RECENT DEVELOPMENTS ANNUAL RECURRING REVENUE5 WEEKLY ACTIVE USERS6 Launched GPT-5.2, t
Slide 10: Physical AI Portfolio Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE Physical AI Portfolio Overview As of December 31, 2025 KEY METRICS 24 Total Investments1 $7.8B Total Fair Value2 +$2.4B CY25 Fair Value Gain2 Footnotes: 1. Source: SBIA Analysis. Total Investments include Investments made by the Combined Funds in companies categori
Slide 11: Performance of Recent Investments
SVF2 PERFORMANCE UPDATE Largest Recent Investments – January 2023 to December 2025 – by Fair Value1 INVESTMENT KEY DEVELOPMENTS2 Reached $4.8B in ARR, growing 55% YoY; Recently raised $4B+ Series L at a $134B valuation Data center portfolio consists of 480 MW of capacity currently in service or unde
Slide 12: Our Portfolio Companies Raised $52B in 2025
SVF1 SVF2 LATAM PERFORMANCE UPDATE Our Portfolio Companies Raised $52B in 2025 Twelve-Month Period Ended December 31, 2025 SVF1 SVF2 LATAM 46 Funding Rounds1 Series E Late Stage Series C Ext. Series C Series D Series C Series G Series C Series K & L Series F 74% % Up Rounds2 Series C Series E Series
Slide 13: Late-Stage Portfolio Valued at $90B
SVF1 SVF2 LATAM PERFORMANCE UPDATE Late-Stage Portfolio Valued at $90B As of December 31, 2025 L AT E - S T AG E P O R T F O L I O 2 $90B Late-Stage Portfolio Fair Value2 78% % of Total Private Unrealized FV2 SELECT COMPANIES3 54 +6 Listings 45 13 3 2018 2020 2022 2024 2025 Footnotes: 1. Vision & La
Slide 14: Public Investments Overview
SVF1 SVF2 LATAM PERFORMANCE UPDATE Public Investments Overview Top 10 Public Investments by Fair Value | As of December 31, 2025 QUARTERLY FV QUARTERLY STOCK INVESTMENT FV ($B)2 COMMENTARY6 SVF1 SVF2 LATAM CHANGE ($MM)4 MOVEMENT5 +$475 $1.1 +11% Q2 FY26 revenue grew 24% YoY, with EBITDA up 35% 43 #
Slide 15: Lenskart: Vertically-Integrated Eyewear Leader Raised $800mm+ in IPO
SVF2 PERFORMANCE UPDATE Lenskart: Vertically-Integrated Eyewear Leader Raised $800mm+ in IPO As of December 31, 2025 Key Metrics $0.3B $1.3B 4.8x Total Cost1 Total Fair Value2 Gross MOIC3 FY25 COMPANY HIGHLIGHTS4 REVENUE GROWTH4 RECENT PERFORMANCE $778mm Average Cost5 & Trading Activity6 NSEI: LENSK
Slide 16: Meesho: E-Commerce Platform Had Best Performing India IPO in 2025
SVF2 PERFORMANCE UPDATE Meesho: E-Commerce Platform Had Best Performing India IPO in 2025 As of December 31, 2025 Key Metrics $0.3B $0.8B 2.8x Total Cost1 Total Fair Value2 Gross MOIC3 RECENT PERFORMANCE FY25 COMPANY HIGHLIGHTS6 Annual Transacting Users Average Cost4 & Trading Activity5 NSEI: MEESHO
Slide 17: India Portfolio Overview
SVF1 SVF2 PORTFOLIO UPDATE India Portfolio Overview As of December 31, 2025 PORTFOLIO OVERVIEW 24 $13.7B 8 4 $7.4B Total Investments1 Total Fair Value2 IPOs3 Full Exits Gross Proceeds4 PRIVATE PUBLIC FULLY EXITED6 (SVF2) (SVF1) Revolutionizing software creation with Agentic AI / Footnotes: 1. Total
Slide 18: Metsera: Achieved Full Exit Resulting in 7.5x MOIC
SVF2 PERFORMANCE UPDATE Metsera: Achieved Full Exit Resulting in 7.5x MOIC As of December 31, 2025 H E AL T H T E CH E X I T S V A L U AT I O N H I S T O R Y ( $ B ) 1 Top 5 Largest Exits by Gross Proceeds3 $10.0 TOTAL GROSS GROSS INVESTMENT COST PROCEEDS MOIC4 Initial SVF2 SVF2 Follow-On $7.0 308 2
Slide 19: Advancing SoftBank's Mission to Realize ASI
SVF1 SVF2 LATAM Advancing SoftBank’s Mission to Realize ASI C Y 2 5 V I S I O N & L A T A M F U N D M E T RI C S Capital Deployed1 Fair Value Gain2 Distributions3 AI Compute AI Platform Physical AI Scalable Energy AI Infrastructure Stargate Footnotes: 1. Capital Deployed is the Change in Total Acqui
Slide 20: Appendix
Appendix m= OOftBank 20 Investment Advisers
Slide 21: SVF1 Distributions to Limited Partners
SVF1 SVF1 Distributions to Limited Partners Since Inception to December 31, 2025 Total Distributions (A) (B) (C) (D) (E) = (B)-(C) Fund Drawn Return of Pref Coupon / 3 Outstanding 2 Commitment Capital 1 Capital Equity Gains 4 Capital Preferred Equity $40.0B $36.2B $32.1B $9.4B $4.1B Equity $58.6B $5
Slide 22: SVF1 Contribution to SBG, Net of 3rd Party Interests
SVF1 SVF1 2025 Inception to Dec 31 Fund Net Profit2 $17.8 Less: Change in 3rd Party SVF1 Contribution Interests in Fund (8.7) to SBG, Net of 3rd SBG LP Income: 9.1 Share of Fund Net Profit Party Interests1,3 SBG GP Income: Amounts in USD Billions 1.3 Management & Performance Fees3 Contribution to SB
Slide 23: SVF1 Contribution to SBG
SVF1 SBG Paid-In Capital1 SVF1 Contribution to SBG SBG Total Value2 As of December 31, 2025 Net Asset Value3 Distributions4 Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Unutilized Contributions. 2. SBG Total Value reflects SBG
Slide 24: SVF2 Contribution to SBG
SVF2 SBG Paid-In Capital1 SVF2 Contribution to SBG SBG Total Value2 As of December 31, 2025 Net Asset Value3 Distributions4 Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions. SBG Paid-In Capital is net of t
Slide 25: LatAm Funds Contribution to SBG
LATAM SBG Paid-In Capital1 LatAm Funds Contribution SBG Total Value2 to SBG Net Asset Value3 As of December 31, 2025 Distributions4 Footnotes: 1. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable unutilized Contributions. SBG Paid-In Capital is
Slide 26: Thank You
Thank You SoftBank Vision & LatAm Funds Investor Briefing Presentations Available at visionfund.com/presentations 26